There is a history of mining in Ghana that pre-dates the colonial era and is the reason Ghana is known as the Gold Coast. Most Ghanaian mining production was state-owned, but since the Economic Recovery Program entered by the PNDC government in 1983, Ghana has attracted foreign investments and pushed towards privatization and state divestiture. Some of the major mining companies in Ghana are Newmont Goldcorp (American), Canadian and Australian. There are also South African companies such as Goldfields and AngloGold Ashanti. The mining sector plays a vital role in the Ghanaian economy, as it attracts more than half of all foreign direct investment (FDI) and generates more than one-third of all export revenues. In 2019, the top three exports of Ghana were Gold ($10.8B), Crude Petroleum ($4.68B), Cocoa Beans ($1.61B), Cocoa Paste ($504M), and Manganese Ore ($489M), mainly exporting to Switzerland ($4.92B), India ($3.62B), China ($2.67B), United Arab Emirates ($1.83B), and South Africa ($1.72B).
Ghana is also endowed with deposits of iron ore, limestone, columbite-tantalite, feldspar, quartz, and salt, and there are also minor deposits of ilmenite, magnetite, and rutile. Small-scale gold mining plays a significant role in Ghana, contributing two-thirds of the country’s output in 2016. According to the Ghana Labor Force Survey, 257,606 people are engaged in household enterprises in the mining and quarrying sub-sector. Ghana has improved in the ease of doing business by improving the review process and increasing the availability of equipment for new electricity connections, thereby making getting electricity faster
There have been discussions in Ghana around whether companies comply with local content requirements. Ghana’s petroleum regulations on local content mandate extractive companies to meet specific human resource and supply chain requirements. The EITI reports show that these requirements are met, with 80% of the jobs generated by the sector being held by Ghanaian nationals and 78% of total mining procurement going to local sources of goods and services.
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